FX Viper is the nickname of a very famous trader, a protagonist on the social platform eToro. He is also one of the most followed and copied traders. Despite allowing others to emulate his actions, it is truly difficult to even approach his levels. However, if you respect five simple tips (at least on paper), the hopes of reaching his level increase. Here are the 5 tips for Forex Trading like Fx Viper.
Learn to read market movers correctly
Technical analysis is important, if not decisive. However, there is a whole world beyond the charts, and it is also a world that influences prices. The reference is to market movers, which are more or less regular news that move the market and therefore, potentially and at least immediately, disprove even the most precise technical analysis.
If you want to become like FX Viper, learn to read market movers: this means being able to identify the important ones for your assets, being able to predict the outcome with a certain degree of approximation, and being able to anticipate - as much as possible - the reactions of investors.
Don't be greedy
Greed is one of the absolute evils of Forex Trading. There is a saying on Wall Street: Bears make money, Bulls make money, "pigs" get slaughtered. The pursuit of profit is natural and physiological, the obsession with it is not, in fact it is quite harmful. It pushes, in fact, to force one's hand, to overexpose oneself, and therefore to literally make blunders. The path of greed is short and always leads to failure.
Therefore, don't be afraid to restrict your potential gain if this action seems necessary to you. Even a small position can bring many benefits, especially if the market is in that given period a harbinger of uncertainties and rich in dangers (more than it already is at its base).
Accumulate sufficient capital
Many brokers offer the possibility of doing Forex Trading even to those who have very limited capital. We are talking, in extreme cases, of a few tens of euros. All very noble, as it contributes to bringing ordinary people closer to trading. However, you cannot think of building a career on tens of euros. A few thousand are needed to have a concrete hope.
This means one thing (unless you are particularly lucky or rich by family): to trade you have to work, then earn, then accumulate capital. Having a job is also good because it allows you not to end up in the middle of the street if your Forex Trading adventure ends badly.
Find a mentor
No one can make it alone, at least at the beginning. You need a person to refer to, a trader more experienced than you who can give you advice, or even just illustrate the way through his own actions, his example. In short, especially at the beginning, you will need a mentor. Only he is able to complete a training path, to give meaning to many hours spent on books, on e-books, on webinars and
video courses.
When it comes to Forex Trading, attending a mentor is a bit like spending an apprenticeship period. Therefore, it is very useful.
Isolate yourself from the world
Let's be clear, it's not an invitation to become a hermit, we're not advising you to give up your social life. Simply, take care to find time for yourself and trading, so that you can obtain maximum concentration. Forex Trading is a mental job, so it is absolutely mandatory not to have any distractions. In short, to trade, it is good that you isolate yourself at least for a few hours a day from the rest of the world.
Below you can see a documentary in which FX Viper is interviewed by Nick McDonald, founder of
Forex Signals.
[youtube id="3053JTbcfv8"]
